Further temporary guidance of Investment Law 2014
The Ministry of Planning and Investment (MPI) issued Official Letter 5122 on 24 July 2015 (OL 5122) to provide further temporary guidance for the implementation of Investment Law 2014. In particular,
New Law on Laws in Vietnam
A new Law on Laws (Law on Laws 2015) is just issued by the National Assembly in June 2015 and will take effect from July 2016. Hopefully, a few new points of the Law on Laws 2015 (discussed below) will help to improve the quality of Vietnamese law which is notoriously vague and inconsistent. In particular,
Refund guarantees for house purchase contracts in Vietnam
Under the Law on Real Estate 2014, a real estate developer must provide a bank guarantee to secure for the developer’s obligations to refund to a house buyer the advance payment that the developer has received from the buyer if the developer fails to deliver the house to the buyer on time (a developer refund guarantee). In June 2015, the State Bank of Vietnam issued Circular 7/2015 on bank guarantees which provides further guidance on a developer refund guarantee as follows:
Vietnamese Investment Law 2014 – Temporary guidance by the Ministry of Planning and Investment
One day before the Investment Law 2014 become effective (1 July 2015), the Ministry of Planning and Investment (MPI) issued Official Letter 4326 providing temporary guidance for the implementation of the Investment Law 2014. Under OL 4326,